Bitcoin drops under $90,000 as tech-sector spending and AI profit concerns rattle investors.
Bitcoin dropped under $90,000 on Thursday as renewed concerns over the profitability of artificial intelligence projects weighed on global tech markets.
The world’s largest cryptocurrency fell 2.5% to $90,056, while ether slid 4.3% to $3,196, reversing gains made earlier in the week.
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The latest downturn followed Wednesday’s U.S. trading session, where crypto prices weakened after the Federal Reserve cut interest rates. The move added uncertainty for investors already watching rising costs across the tech sector.
Investment bank Standard Chartered has also lowered its long-term expectations for Bitcoin, cutting its 2025 price forecast from $200,000 to $100,000.
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